It is obvious that there are various misconceptions surrounding the payday loan industry. It is not difficult to browse the internet and read about the possible negative tactics and unethical techniques which people relate to payday loans.
In order to dismiss some of the misconceptions, we must focus on knowing the facts. Let’s look at the top five and you might be surprised when you learn the reality.
5. Payday loans are full of hidden costs.
All the possible fees are clearly mentioned in the agreement which you read and sign before obtaining a loan from a reputed payday lender. The interest charges are simply structured to spare you any sort of confusion. All FCA authorised and regulated payday lenders charge interest of only 0.8% per day. No other charges are levied.
4. Payday loans are too complicated.
All the aspects of the payday loan are presented to you in the terms and conditions of the loans which you should read carefully prior to signing it. Reputable payday loan lenders have streamlined and simplified the process and also have customer support which is available to answer any queries related to the loan.
3. Payday loans should only be used as a last resort.
Compared to some other forms of short term loans, payday loans are often a cheaper and faster way of getting funds. Payday loans are a better alternative in comparison to a bank overdraft which may levy huge fees if you have exceed your overdraft limit.
2. It is too easy to get behind or miss a payment.
Most payday lending companies are particular about when your payment is due and what will occur if you miss it. But they also have another way to help you, if you cannot make the payment when it falls due. You just have to contact their customer support to discuss and arrange other options.
1. Payday Loan companies prey on people who can’t repay their loans.
The majority of customers, who take the payday loans, pay back their loans on time and do not require an extension. Reputable payday lenders will always work with you, if you are in financial difficulty by arranging a rollover or discussing other options to suit your circumstances.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk
The reality is evident. Reputable payday loan lenders like Monkeydosh.com are a safe and secure alternative to turn to, when you need a small payday loan to meet your urgent financial expenses.
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